US Trade Deficit Rises to $71.5 Billion in May, Trump's Tariffs Add Uncertainty
AFP, Washington, 3rd - Government data released today shows that the US trade deficit, after offsetting imports and exports, increased to $71.5 billion in May, higher than expected. However, both imports and exports declined simultaneously, indicating that President Trump's tariff measures have not only caused economic shocks but also disrupted supply chains.
According to AFP, Trump announced in early April that he would impose reciprocal tariffs on many of America's trade partners, then postponed implementation for 90 days, during which only a 10% base tariff was applied. Now, this 90-day grace period is expected to expire on July 9th.
According to data from the US Department of Commerce, the US trade deficit in May further widened compared to $60.3 billion in April.
Notably, both imports and exports declined in May. Imports fell by 0.1% to $350.5 billion, mainly due to a decrease in imported goods. Exports dropped sharply by 4% to $279 billion, with the most significant decline seen in industrial goods and raw materials exports.
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